The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has advised the Federal Government (FG) to tread carefully in its plans to sell the country’s refineries, warning against rushed or one-sided decisions.
Speaking in Abuja, PETROAN President, Dr Billy Gillis-Harry, raised concerns about ongoing calls to privatise the Port Harcourt, Warri, and Kaduna refineries, says News Agency of Nigeria (NAN) report.
He noted that while reform is necessary, any move to sell national assets must be well thought out and inclusive of industry stakeholders.
Gillis-Harry stressed the importance of critical evaluation and stakeholder involvement before any sale or privatisation, warning against repeating past errors.
He cited the example of Eleme Petrochemicals, which was sold to Indorama under what he described as a “lopsided deal” without thorough planning. The company, he noted, later became highly profitable, while Nigeria reaped little benefit.
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The expert also referenced the National Fertiliser Company of Nigeria (NAFCON), another government asset that was sold off and turned around by private investors, questioning why such transformation wasn’t possible under public ownership.
According to Gillis-Harry, despite significant rehabilitation funds, the Port Harcourt, Warri, and Kaduna refineries have struggled, with the Port Harcourt facility shutting down again in May 2024 after briefly resuming operations in 2023.
The president attributed the setbacks to outdated infrastructure and poor technology.
While PETROAN supports involving private players in refinery operations, Gillis-Harry insists the process must be transparent and inclusive of passionate stakeholders to protect national interests.
4 Responses
The FG should critically evaluate their option, before making any decision.
PETROAN is right the government should look into this.
The FG should sell the refineries off. Let’s put selfishness aside. The revamping and payment of idle hands in the refineries is becoming a nightmare.
PETROAN should rest. It’s a good decision!